Loans - Current Rates

Personal Loans

For your entire personal loan needs, we can help. From buying a vehicle to renovating your home or taking a vacation, we can tailor a loan to fit your needs and budget. Our competitive rate personal loans offer:

A variety of flexible repayment options
No prepayment penalties
Economical life and disability insurance

Overdraft Protection

A convenient way to obtain funds for a short period of time.

Once approved, you can access funds up to your preset limit in the following ways:

In person at any CWCU branch
With your MemberCard® or Global Payment™ Card
By writing a cheque
Through TeleService, the CWCU Call Centre, or on-line banking

Student Planning

Registered Education Savings Plan (RESP)

An RESP is an education savings plan which allows you to accumulate funds for the post-secondary education of a designated beneficiary. And with the added benefit of government incentives such as grants and bonds, your savings will grow even faster. University, college, technical school, trade school and apprenticeship programs all qualify provided the course of study is a minimum of three consecutive weeks in length.

As the contributor, you may deposit up to a lifetime maximum of $50,000.

Grants and Bonds Available:

Canada Education Savings Grant (CESG) - through the Canada Education Savings Grant, the Government of Canada will contribute an additional 20%* to the RESP on the first $2,500 deposited each year, through the Canada Educations Savings Grant. However, for families with low to moderate incomes, the grant amount is higher on the first $500 contributed:

40% if family income is under $37,178
30% if family income is $37,178 - $74,357
20% if family income is over $74,357

Accumulated investment income earned from RESP deposits is tax free until the funds are withdrawn. Withdrawals can be used to cover any reasonable education expenses such as books, supplies, tuition or living expenses. Funds withdrawn are taxed in the name of the beneficiary. Typically, the student has little other income and therefore will pay little, if any, income tax on the investment income.

*A higher rate is available for modest income families.

Canada Learning Bond (CLB) - the Canada Learning Bond is a Government of Canada Bond to aid modest-income families in saving for their child’s education. For children born after December 31, 2003 whose family receives the National Child Benefit (NCB), the Government of Canada will pay $500 into the child’s RESP in the first year and $100 every year following that the family qualifies for the NCB.

Alberta Centennial Education Savings Plan (ACES) – $100 grants are available to the children of Alberta residents at the ages of 8, 11 and 14 if they turn these ages on or after January 1, 2005. Your CWCU investment specialist will guide you through the application process and advise you if other grant programs become available or if changes are made to existing programs.

* For more information on the Canada Education Savings Grant or the Canada Learning Bond, please go to www.hrsdc.gc.ca. For more information on the Alberta Centennial Education Savings Grant, please go to www.ACES.gov.ab.ca.

Student MasterCard®

Whether you are returning to a post-secondary institution for another year or starting your first year, CWCU can help you make life a little easier. Check out the following products to help you get started:

Student MasterCard (with or without CHOICE REWARDS®)

Global acceptance at 21 million locations worldwide
ABM access at over 835,000 locations in over 120 countries
24 hour lost/stolen card assistance
Emergency cards and emergency cash
21 day grace period
Interest Rate 19.49%
Credit Limit $500 - $2,000
MasterPurchase® 90 day Purchase Protection (provides protection against theft and damage)
MasterTrip® Common Carrier Travel Accident Insurance ($100,000)

Options:

Student MasterCard without CHOICE REWARDS® - No annual fee
Student CHOICE REWARDS MasterCard - $24 Annual fee; reward yourself with free merchandise and travel while building your credit.

To find out more about the CHOICE REWARDS program visit www.choicerewards.ca.

Student Loans

Members who are enrolled in at least 60% of a full time course load at a designated post-secondary education institution are eligible to apply. On approved credit, our loan program features:

Maximum annual borrowing of $7,000*
Maximum total borrowing of $42,000*
A reduced rate on an authorized overdraft
Student loan rates are set at CWCU Prime with interest only payments due annually in September while our student member is still in school

* Under special circumstances, the annual maximum may be increase to $14,000 and the total may be increased to $75,000.